Report Details Malkin's Rebuff Of Empire State Bldg. Bids

Law360, New York (March 10, 2014, 6:10 PM EDT) -- The executives in charge of the real estate investment trust that owns the Empire State Building rejected multiple bids for the building last year to avoid a drawn-out sale process, though a financial adviser suggested a sale might more quickly monetize investor positions, exhibits filed Friday in New York court showed.

After receiving several multibillion-dollar, all-cash bids for the Empire State Building, Malkin Holdings LLC hired financial services firm Lazard to help evaluate the best course of action, which it did in a report dated Sept....